Ford is reviving the Shelby GT500 nameplate again to give the company its most powerful production car ever and, a competitor for the recent muscle car arms race between US manufacturers.

Teaming up once more with Las Vegas-based Shelby American, the renewed badge continues a legacy started in 1967 and last seen on Ford’s 2014 Mustang GT500 that was powered by a supercharged 5.8-litre V8 producing 494kW and 856Nm.

The upcoming model will produce over 700hp, or above 522Kw, which is more powerful than Ford's own GT supercar and a rival to the 485kW Chevrolet Camaro ZL1 and 527kW Dodge Challenger SRT Hellcat – though none come can close to this year’s 626kW Challenger SRT Demon.

Ford’s powerful pony will be more than a drag strip belter though and the brand says its muscle car is for both the track and strip, but no details have been given of what lies underneath its skin.

Teased in a short video that starts with the original GT made famous in the car movie Gone in 60 Seconds, the new red Mustang is clad with a white racing stripe down its centre and is joined by a large seven-slot bonnet vent, carbon-fibre front splitter, GT-style spoiler, quad exhaust tips, red brake callipers and the iconic honeycomb grill-mounted cobra snake.

Only produced in limited quantities, it’s doubtful the most powerful Mustang yet will reach our shores.